The report found that a total of 9,933 home sales were made in the Phoenix area during March, which is the most sales in the last 66 months and the fifth-highest number of sales since 2001. The uptick in sales shows that consumers are realizing the value of affordable housing.

"Clearly buyers are taking advantage of the phenomenal affordability of Valley housing," the report notes.

However, the housing market itself isn't getting much better, according to the ARMLS Pending Price Index. Although the median home price is expected to reach $113,000 this month, which is up from $110,000 in March, it's expected to drop back to $103,000 in May and hit only $109,000 in June.

The actual average price that homes are selling for is expected to look pretty similar. That number is expected to hit $163,000 this month, which is up from $157,800 during March, but then drop to $150,000 in May and barely climb to $152,000 in June.

"While the declines in pricing signal good news for buyers who want to take advantage of the lowest pricing of the decade, they are unwelcome news for sellers who endure the ill effects on their equity," the report adds.